Business Blog: BP in trouble
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It was not confortable seeing Tony Hayward pilloried in the
Senate Star Chamber. Admittedly, he’s not a stellar communicator,
and some answers for legal and commercial reasons were evasive, but
it was unfair of the senators to subject him to such
humiliation.
BP has questions to answer, but this was not an exclusive BP
event. What about the US companies involved, the US engineers, the
US regulators, the fact that BP is 39 per cent owned by US
shareholders.
This was an unsavoury episode that had more to do with politics
than reality and a huge technological challenge. President Obama’s
stance has been loaded against the firm for purely political
reasons and it stinks.
No one likes to see oil-soaked pelicans and the destruction of
livelihoods, but deep sea exploration has been sanctioned by
regulators. BP is taking the full wrap for something that was only
partly in its control.
US business has a lot of skeletons in its cupboard and now UK
pensioners will be punished for an unfair skewing of the facts.
Friday, June 18 2010
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